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Japan's Upper House Passes Fiscal 2001 Budget
Japanese House of Councilors, or the upper house, passed the fiscal 2001 state budget of 82.65 trillion yen (671.62 billion US dollars) with a record high general expenditures of 48.66 trillion yen (395.41 billion dollars) in a bid to bolster Japan's stagnant economy.
The upper house approved the budget with a majority vote, backed by the tripartite ruling coalition of the Liberal Democratic Party, the New Komeito party and the New Conservative Party.
The budget, aiming at achieving a growth projection of 1.7 percent for the fiscal year starting April 1, was already approved by the House of Representatives, or the lower house, on March 2.
The budget, presented by Japanese government on January 31, focuses on the government's four key policy areas -- information technology, environmental protection, the aging of society and urban development.
The general-account budget marks a 2.7 percent decrease from the initial fiscal 2000 budget, the first decline in six years.
The budget also features a 1.2 percent increase in general expenditures to 48.66 trillion yen (395.41 billion dollars) to fund policy programs, including public works projects, marking the third consecutive year of increases in the category.
General expenditures are overall general-account outlays minus debt-servicing costs and tax grants allocated to local governments.
Prime Minister Yoshiro Mori told reporters after the passage that the government will implement the budget flexibly and effectively to support the nation's economy.
"I want to implement the budget as promptly as possible, taking into account the current economic situation," he said.
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